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SMALL BUSINESS MONTH - SUppLEMENT TO THE WINNIpEg FrEE prESS - WEdNESdAy, OcTOBEr 22, 2014
1. A little soul seArching: The first step is to have a clear idea of why you want to start a small business. While that sounds elementary, Sawatzky says people want to start businesses for a lot of reasons, but not all of them are necessarily good ones. “Some people start businesses for necessity because they need the money. Others start it for a lifestyle, thinking it’d be pretty nice to not have a boss.” But these shouldn’t be the primary drivers behind your decision because starting a small business often costs money, involves a lot of added responsibility and very long hours. Perhaps, the best reason for launching a small business is that it is your passion, because it’s that fire in your belly that will help you overcome the many challenges you’ll likely face. 2. reseArch, OK, so you know you want to start a small business, and you’ve got a good reason to do so. But does it make good business sense? Is there a market for your idea? To answer these questions, you need to do some homework. “This is about determining the feasibility of your idea,” he says. “Some people look around and find a problem that a lot of people share and then try to find a product or service that solves that problem.” It also helps to keep abreast of current events and trends so you can find a niche in the market. Look to organizations like the Business Link that can provide resources and expertise to help with your market research. 3. PlAn for success: All that aforementioned research will come in useful when you write a business plan, which is essential. Sawatzky says some people start businesses without them, but it’s hard to imagine a venture flourishing in the long run without a business plan. “This speaks to that old axiom of failing to plan is planning to fail,” he says. “A business plan is really a road map to your business and helps you navigate the startup process.” Furthermore, if you need money from investors — like a bank loan — they’re not going to hand over any money unless you’ve got a plan that shows them how you’re going to make money to pay them back. “Anybody who wants to invest in your business is actually going to want to see that you’ve done the due diligence,” he says. 4. show me the money: reseArch, reseArch: Starting a business is generally capital intensive. Fledgling businesses often need money to live and grow while building a customer base on the way to profitability. Of course, the first place to look is your own wallet. Having the savings yourself eases the burden of seeking loans from others. But usually that’s not enough, so you will need other sources. You can go the traditional route, seeking a bank loan, or have friends and family chip in some cash. Crowdfunding, angel investors or venture capitalists (like TV’s Dragons’ Den) are other ways to secure cash for your startup. “But there are also alternative financing options out there,” including non-profits such as Community Futures and Futurpreneur Canada that provide grants and loans to niche market entrepreneurs, Sawatzky says. 5. helP needed: Being an entrepreneur may be an individualist enterprise. You are, after all, becoming your own boss, but that doesn’t mean you want to do it all on your own. You will need the help of experts to get up and running, and that’s where organizations like the Business Link can help. “You need to find the resources that are out there to help you overcome those unexpected challenges,” Sawatzky says. “Within those organizations there are resources, referrals, training and networking opportunities.” It’s also a good idea to seek out a business mentor, a friend or someone in the community who has successfully run a small business. But the need for advice goes beyond the startup phase; it is ongoing, Sawatzky says. “Once you’ve made some dollars there are professional services out there as well, like accountants and lawyers.”
for would-be entrePreneurs must-do tips
Joel Schlesinger for Postmedia News
Tired of working for the man? Thinking about making the transition from wage slave to master of your own entrepreneurial destiny? B ecoming an entrepreneur is one of the most rewarding, and most difficult, endeavours a person can pursue, says Gord Sawatzky, the executive director of The Business Link, a federal and provincial government organization that provides support to Alberta entrepreneurs. Here are five must-dos to help you achieve small business success.
Every small business comes with a big story. Tell us yours.
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